Bankruptcy Law

1. The trustee shall, within 12 months from the date of initiation of a small debtors' liquidation procedure, file a petition with the court for the termination of such procedure upon completion of the procedures for the sale of bankruptcy assets, conclusion of lawsuits to which the debtor is party, and the final distribution to creditors, along with the balance sheets and final reports. However, the trustee may, if necessary, petition the court to extend the procedure for a reasonable time and shall, during such period, file a petition for the termination of the procedure. 2. The trustee must notify the creditors of the petition for the termination of the procedure prior to filing. Each person with interest may object to such petition before the court within 14 days from the date of filing. 3. The trustee’s petition for the termination of a procedure for a legal person small debtor must include a request for the dissolution of said debtor.